=======Locate the septic feild(s)(s)(s).Have a scientific drinkability test on the tap water for any contaminates.Beware of big (and small) spiders in the basement.9 x 9 tiles are probably asbestos, same for the glue used to hold them down.Wiring and electrical panels may be at end of service life.Florescent lighting may be circa 1960 (I dream of Jeannie) lacking modern non-buzzing startups and be way to many for modern use (electrical hogs).Don't drink any of the water (or even get it splashed on you) without having it tested first.The building may have city water and well combination.Find all abandoned septic fields.Find out if the fire suppression equipment is up to spec with the local fire dept--inspections, types.Without a roof and with many broken out windows insurance may be hard to find.Paint--expect lead (the pealing type) of paint.Assume anything with capacitors-(HVAC, Florescent troffers, Kitchen electric motors, food service garbage disposals, etc.. )-the capacitors are bad--do not turn on until checked by a competent technician.Look for a basement.Look for fallout shelter(s)(s)(s) underground separate from the building (Duck and Cover Turtle era).Look for steam heat system and have it inspected for possible use or demolition.Look for abandoned wells, that may have dried up or were too contaminated to continue use.A phase 1 enviro would have been a good CYA move--you can bet any buyer from you will get one...Pay to have a written professional inspection done of the building to get a consolidated look at the things you will be facing.

Keep in mind the new local laws, leases have a tendency for certain clauses to become outdated in WA state .We do not operate in a landlord friendly state and a single misstep in the process can set you back dragging the eviction process out (if it gets to that).

Would you work it into a one time reconciliation at end of year (lease says we can) or spread it out over 3-4 years to reduce impact and ups and downs of lease payments?

Budget for AC replacement you need one, he mention near or at end of life, R22 is obsolete and super expensive now days.

It's winter, so they have a tendency to be a little desperate right now. 

Changes must be reversible and property must be restored to original condition at end of tenancy, unless other arrangements have been made with Landlord."

If you have one management company, at end of the year do you have to do monetary transactions on each individual LLCs etc?

There is always a tendency to overly weigh macroeconomic concerns when making an investment.

Colorado Senate Bill 21-173 was a quasi omnibus renters rights bill that limited the amount of late fees to $50 or 5% of monthly rent, whichever is greater, late fee cannot be charged until 8th calendar day of month (must give 7 calendar days to pay rent), cannot be deemed as additional rent for next monthly rent payment, cannot be deducted from rent payments, cannot be charged interest on and cannot be used as a reason to evict a tenant.This leaves landlords three options, issue an invoice to demand payment, if issued invoice is not paid then bring tenant to small claims court to collect OR deduct all legitimate late fees at end of lease period from the deposit. 

So one takes a loan, paying only interest (which is less than what one would be paying in taxes) - pay that off in full at end of period.